Germany July Power Tracks Weekly Net Loss

Germany July power base load is declining today to the lowest since 20 May, while tracking a weekly net decline of above 6% amid a pullback in natural gas prices.

• Germany Base Power JUL 24 down 2.5% at 74.39 EUR/MWh
• EUA DEC 24 down 1.2% at 71.22 EUR/MT
• TTF Gas JUL 24 down 2.3% at 32.925 EUR/MWh
• TTF front month is falling back to the lowest since May 21 with the recovery in Norwegian pipeline supplies following the unplanned outage this week while temperatures across much of Europe look cool in the coming week.
• EU ETS Dec 24 is edging lower today, amid losses in European gas markets and latest positioning data suggesting speculators have turned more bearish, but prices remained within this week’s range. The next German EUA auction will clear today at 11:00 CET.
• German wind output forecasts have been revised up until Tuesday next week after which it had been revised down. Combined onshore and offshore output is forecast at 6.62GW-13.61GW during base load between 8 and 14 June. Solar PV output in Germany is expected to remain high until mid-next week, when output is forecast to drop. Solar PV output in Germany is forecast at 13.37-28.79GW during peak load between 8 and 16 June according to SpotRenewables.
• German power demand is expected at a maximum of 62.7GW on Friday and of 51.14GW on Saturday according to Entso-E. German power demand so far today stood at 58.45GW as of this morning.
• French nuclear availability has been stable on the day at 68% as of Friday morning, RTE data showed, cited by Reuters.
• There is an unplanned outage at the Albertville-Grandeville interconnector until Friday evening, RTE data showed.
• French power demand is forecast to reach a maximum of 49.45GW on Friday and of 44.62GW on Saturday according to Entso-E. Power demand in France as of this morning stood at 46.03GW.
• The latest ECMWF weather forecast for Paris have been slightly revised down at the beginning of the forecast period to remain below the seasonal normal until 16 June. Maximum temperatures in Paris are forecast to reach around 21.6C on 8 June, unlikely to boost cooling demand. Temperatures in the south of the country, Marseille, are forecast above the seasonal normal until 11 June, before falling below the average, with maximum temperatures reaching 27C on 8 June.
• Forecasts for wind output in France has been slightly revised up on the day to reach 1.59GW-5.3GW during base load on 8-16 June. Solar output in France is forecast to remain high with output expected at 4.65GW-7.64GW during peak load on 8-16 June according to spotrenewables.